May 21 (Bloomberg) -- Royal Dutch Shell Plc is unlikely to
proceed with the planned disposal of its holding in Australia’s
Woodside Petroleum Ltd. this year as it refuses to sell too low.

Shell “eventually would sell the stake, it’s no longer
strategic,” Chief Financial Officer Simon Henry told reporters
today at the annual general meeting in The Hague. “We’re not
going to sell below value.” He declined to comment on a price.

Woodside, Australia’s second-largest oil producer, in 2013
halted plans to build a liquefied natural gas plant estimated to
cost $45 billion for its Browse LNG project. The company said in
April it was studying cheaper options and may delay the next
stage of the A$15 billion ($14.7 billion) Pluto LNG project.

“The market understandably until now has not really given
value for Browse,” Henry said. “If there is progress there,
then maybe that creates opportunities. If the market recognizes
the value of Browse, it would value the shares more fairly.”

Shell, Woodside’s largest holder with a 23 percent holding,
said last year the stake didn’t fit with its long-term plans.

Shell sold 10 percent at A$42.23 a share in November 2010.
The stock closed down 1.6 percent at A$37.66 in Australia today,
paring the gains in the shares this year to 11 percent.